The famous encryption exchange in South Korea tightened rules on the newly launched encrypted lending service, while the limits of loans are reduced by 80 %.
The exchange of coding has decreased 50 %, in order to address investor risk fears.
After suspending the operations last month on July 29, due to the “insufficient lending volume”, Bithumb began encryption lending services again, I mentioned Publishing local news Kokmin Ilbo.
According to the report, the low borrowing ceiling will be applied even to large -scale merchants with more than 100 billion WNA ($ 72 million) in a cumulative commercial activity over the past three years.
South Korea organizer cracks on the lending of encryption
Last month, on July 31, the South Korea Financial Services Committee (FSC) and the Financial Supervision Service (FSS) established a work team that works with local stock exchanges and the Korean Finance Institute, in order to develop “virtual asset lending service instructions”.
The group will have representatives from FSC, FSS and Digital Asset Exchange Alliance (Daxa), which represents five larger to exchange encryption in South Korea.
It plans to create rules based on international standards, securities market regulations and specific needs of the encryption market in South Korea.
The instructions will cover areas such as the limits of the leverage, the eligibility of the assets, and the requirements for risk detection.
The Southern Korean organizers coordinated lapses by encryption companies, as the exchange companies faced last month due to KYC violations.
The organizers also urged the exchanges to review high -risk or legally vague offers, especially those that involve excessive leverage or FIAT loans.
According to Bethome’s consultation with the authorities on the conditions of service before the resumption of operations.
The prosperous South Korea market
The encryption market in South Korea has flourished while dominating the global market in commercial activity during the first half of this year.
More than 25 % of the South Koreans between the ages of 20 and 50 cryptocurrencies, with digital assets an average of 14 % of their financial portfolios.
Ownership is the highest among people in their forties by 31 %, followed by those in the thirties and fifties.
Hana Finance Institute as well male South Korea’s retail investors turn away from American large technology shares towards encryption shares. In response, the organizers have warned against including the shares of coins and MSTR in their ETF governorates.
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Bhushan is enthusiastic about technology and carries a good tendency to understand the financial markets. His interest in the economy and financing draws his attention towards emerging technology markets and emerging technology. He is in a continuous educational process and keeps himself excited to share his acquired knowledge. In spare time he reads fictional excitement novels and sometimes explores his cooking skills.
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